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What is Voluntary Accident Insurance?

Injured man holding his back covered by voluntary accident insurance

For an increasing number of companies, voluntary accident insurance plans, or supplemental accident insurance plans, now play a key role in rounding out benefits packages. It complements important protection like medical and disability insurance to help employees pay for unexpected costs.

Voluntary accident insurance can be an important piece to your benefits package

Your employees are your greatest asset. Offering them the best benefits package you can afford will help attract and keep the workforce you want by providing a way to prepare for life's risks. 

Group rates make supplemental health insurance like accident insurance affordable - whether offered on an employer-paid, or voluntary basis where employees pay 100% of the cost. Employers struggling with budget constraints find that voluntary accident insurance is a smart way to offer benefits that meet their employees' needs, without increasing costs to the bottom line. 

Despite having medical and disability insurance, many people are simply not prepared to pay all of the expenses that come with their injuries. Supplemental accident insurance is an affordable way for your employees to help protect themselves from costs that aren't covered by these more traditional plans.

While health insurance pays for the medical care that’s needed in the event of an accident, today’s increasing copays and deductibles can leave your employees thousands of dollars in debt. For example:

  • There are over 250,000 ACL injuries a year.1 ACL is a common sports injury and is not life threatening, yet the cost to repair a torn ACL runs between $20,000 and $50,000!2
  • Even with insurance, out-of-pocket expenses run between $800 and $3,000.2
  • This doesn’t include cost for physical therapy, knee braces, crutches, or medication.

Accident insurance complements disability plans too. 16% of injuries result in six or more days of time lost at work.3 While disability insurance provides a foundation to help replace a portion of lost salary, it often falls short for those who face immediate cash needs when injured and out of work. 

While you can't always prevent accidents from happening, you can help make sure your employees and their families are ready – whatever the future holds.

How does accident insurance work and what does it cover

Accident insurance pays a benefit to an insured employee which can be used for any purpose. Guardian's Group Accident Insurance can provide your employees with benefits for over 40 different circumstances. Payments a person receives depends on:

  • Type of injury, such as burns, dislocations, fractures, concussions, eye injuries and lacerations.
  • Specific events during treatment and recovery, such as a person’s need for an ambulance, x-rays, hospitalization, surgery and follow-up care.

Guardian's plans also feature a child organized sport benefit that pays an additional 20% for injuries that happen while taking part in organized sport activities.

With Guardian's supplemental accident insurance, benefits are paid regardless of what is covered by medical insurance or any other plan.

Here's an example of how Guardian’s Accident Insurance can help

One of your employee's daughters has a collision while playing centerfield for her little league team. She’s taken to the hospital in an ambulance and given an MRI (magnetic resonance imaging) to check for injuries. The MRI confirms a concussion and she stays the night in the hospital for observation. Here’s the breakdown on what a Guardian Accident Insurance covers, along with a breakdown if the plan has the child organized sport benefit.

 

PROCEDURE BENEFIT ADDITIONAL CHILD
ORGANIZED SPORT BENEFIT
Ambulance Ride $100 $20
Emergency Room Visit $150 $30
Hospital Admission 
(her stay was over 20 hours)
$750 $150
MRI $100 $20
Concussion $50 $10
2 follow-up doctor visits $25 X 2 = $50 $10
TOTAL BENEFIT $1,200 $240
GRAND TOTAL $1,440

This is a hypothetical example. A person's eligibility for benefits is determined on a case-by case basis, taking into consideration the factual circumstances presented as well as the terms and conditions of his/her policy.

We'll help you introduce the plan and get your employees signed up

As the health insurance market shifts more responsibility to individuals through higher deductibles and copays, accident insurance provides your employees with an affordable safety net. What’s more, adding accident insurance to your benefits package is remarkably easy. 

From the first time one of your employees asks "What is accident insurance?" we'll be there helping your employees understand the role accident insurance plays as part of their benefits coverage. We'll help you enhance your benefits package without straining your budget or administrative workload. Our education-first approach to benefits management focuses on increased awareness and understanding - making enrollment as easy as possible.

Learn more about Guardian's Group Accident Insurance.

Overview

Why Offer Guardian Accident Insurance?
What is Voluntary Accident Insurance?
What Does an Accident Insurance Policy Cover?
Accident Insurance Rates Explained

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